Global private investment firm Ardian has entered the French self-storage market with the acquisition of Costockage, an online self-storage marketplace that operates 10 facilities in France. Costockage founders Mikael Najjar and Adam Levy Zauberman will continue to lead the company, according to a press release.
“We are pleased to incorporate self-storage into our portfolio as part of our real estate asset class diversification strategy,” said Stephanie Bensimon, Head of Real Estate. “Compared to other mature markets such as the US and France, it is still in its infancy in France, so we believe this is the right time to enter this space.” [United Kingdom]. The sector's low emissions fundamentals were also key to our decision-making. ”
Founded in Paris in 2012, Costockage helps users rent storage space from self-storage operators and individuals. The company launched a business unit, Kostok, in 2017. The company's growth plans include acquiring existing facilities, developing new sites and converting distressed properties into self-storage, the release said.
“We are thrilled that Ardian is supporting our development. We are excited to continue working on a first-class experience for delivering storage to people and businesses,” said Nadjar. Levy-Zauberman said in the release. “We are pioneers in the field of turning unused space into self-storage and are pleased to have a partner with both real estate and company development expertise. The self-storage asset class is growing strongly. The best days are yet to come.”
“As France's No. 1 market and a growing operator, we believe Kostock Cage can innovatively meet our space demands thanks to its digital expertise,” said Managing Director of Ardian. Director Omar Figer said. “We are keen to support the next stage of the company's development, particularly with respect to real estate holdings. We believe this is the right opportunity to offer this.”
Ardian manages or advises $160 billion in real estate assets on behalf of more than 1,560 clients worldwide. We have 19 offices across Asia, the Americas, Europe and the Middle East.
sauce: news wire, Ardian completes first self-storage investment with acquisition of Costockage